SINGAPORE
OLAM International (OLAM) has priced a $500M issuance of 5-year senior notes at a coupon of 5.75%.
IHH Healthcare (IHH) will replace Neptune Orient Lines (NOL) in the Straits Times Index effective September 24, the Singapore Exchange said on Thursday.
Sembcorp Industries (SCI) to invest 327M yuan to develop centralised utilities facilities in Fushun Hi-Tech Industrial Zone in Liaoning , China .
US indices jumped on Thursday boosted by diversified financials and banks sectors. On the US economic data front, initial jobless claims increased 15,000 to 382K (370K expected) in the week ended September 8th while Producer Price Index rose 1.7% MoM (+1.2% expected) in August. FOMC decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that exceptionally low levels for the federal funds rate are likely to be warranted at least through mid-2015. The Committee agreed to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40B per month. It also will continue through the end of the year its program to extend the average maturity of its holdings of securities as announced in June. In addition, Fed officials upgraded their estimate for 2013 GDP growth to 2.5%-3%, compared with 2.2%-2.8% in June; 3%-3.8% for 2014 vs 3%-3.5% previously. Regarding US stocks, Pall (PLL +7.96% to $62.8) reported for its 4Q sales up 0.4% YoY to $784M with a diluted EPS of $0.73 compared to $0.82 a year ago. Separately, FirstMerit Corp (FMER -11.25% to $15.23) has agreed to buy Citizens Republic Bancorp (CRBC +0.6% to $19.99) in all stock transaction.
No major economic figures were released in Europe yesterday. Regarding the stocks, EADS and BAE Systems plunged after the Cos revealed they're planning a merger. Both stocks were downgraded by some analysts. Next slumped as the Co warned that August and early September sales were disappointing. This morning, the Nikkei225 index opened extremely higher, cheered by the overnight strong rebound in the US market.
CHINA - HK
China 's Ministry of Land and Resources reduced the number of rare earths mining permits by 41% (China Securities Journal).
Hong Kong 's industrial production fell 2.9% YoY in 2Q vs -1.6% in 1Q, and 2Q producer price fell 0.7% YoY vs +3.6% for the prior quarter.
Sun Hung Kai Properties (16) released FY underlying profit of around HK$21.7B (HK$21B expected) vs HK$21.5B last year, and reported net profit of HK$43B vs HK$48.1B last year. In addition, the Co announced a final dividend per share of HK$2.4, unchanged YoY. Looking ahead, the Co said: "The Group's land bank has sufficient reserves for five years' development to support property development business expansion. The Group's rental income will continue to do well both in Hong Kong and on the mainland in the coming financial year. The Group will continue to boost its investment property portfolio, in particular shopping malls."
Hutchison Whampoa (13): EU regulators object to the Co's E1.3B takeover of France Telecom's Orange Austria and will carry out a full probe (Reuters).
Cathay Pacific (293) and Dragonair carried "a total of 2,610,150 passengers in August, up 4.0% on the same month in 2011, while the passenger load factor dropped by 1.1 percentage points to 83.1%. Capacity for the month, measured in available seat kilometres, rose by 3.0%. For the year to date, passenger numbers have risen by 6.7% compared to a capacity increase of 5.8%."
SouthGobi Resources (1878) former CEO Alexander Molyneux said his departure was the final part of an expected succession plan, after Rio Tinto took a 51% majority of Ivanhoe.
China Merchants Securities (600999) price target was lowered to 12.38 yuan from 14.76 yuan at Deutsche Bank.
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